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Gunnar Rathbun / AP

It has been just over one year since Walmart agreed to pay $3 billion to acquire Jet.com, an e-commerce platform that was better known for its fundraising prowess than its consumer name recognition. It was viewed by many to be the largest acqui-hire of all time — focused on Jet's founding CEO Marc Lore, who previously co-founded Quidsi (a.k.a. Diapers.com) — and skepticism was easy to find. Some went so far as to call it "a terrible mistake."

Fast-forward: Then came this past Tuesday, when Walmart publicly predicted 40% growth in e-commerce sales for the fiscal year ending January 2019, at a stable pace of profit growth. Shares climbed 4.47%, representing a $10.75 billion increase in market cap. Since then, shares have climbed another 2.4%.

ROI: Tuesday's gain alone represents more than a 3x multiple on what Walmart paid to acquire Jet.com. And, yes, it remains at around around 3x even if we include subsequent Walmart e-commerce purchases like Bonobos, Modcloth, ShoeBuy and Moosejaw.

Caveat: To be sure, e-commerce growth wasn't Walmart's only announcement on Tuesday. It also revealed plans for a large share buyback ($20b over two years), but it was that 40% growth figure that really drove the day.

Go deeper

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Empire State Building among hundreds to light up in Biden inauguration coronavirus tribute.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.

Biden Cabinet confirmation schedule: When to watch hearings

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

The first hearings for President-elect Joe Biden's Cabinet nominations begin on Tuesday, with testimony from his picks to lead the departments of State, Homeland and Defense.

Why it matters: It's been a slow start for a process that usually takes place days or weeks earlier for incoming presidents. The first slate of nominees will appear on Tuesday before a Republican-controlled Senate, but that will change once the new Democratic senators-elect from Georgia are sworn in.